Strong reception to exclusive fashions helped J.C. Penney Co.'s third-quarter results soar. Here's a breakdown of what happened in the quarter and guidance for the year:
NET INCOME: $44 million, or 19 cents per share, in the quarter ended Oct. 30, up from $27 million, or 11 cents per share.
REVENUE: $4.19 billion, up from $4.18 billion. Revenue at stores opened at least a year rose 1.9 percent.
ONLINE REVENUE: $361 million, up 3 percent.
GROSS PROFIT MARGIN: 39 percent, down from from 40.6 percent, due to heavy discounting and discontinuation of its big catalogue.
INVENTORY: UP 5 percent heading into the fourth quarter.
GUIDANCE: For fourth quarter, earnings of 90 cents to $1 per share. Analysts had projected 94 cents. Revenue at stores open at least a year should be up anywhere from 3 percent to 4 percent.
For the year, Penney continues to expect revenue at stores open at least a year to be up in the low single digits and earnings to be in the range of $1.40 to $1.50 per share. Analysts had expected $1.43 per share.